18/09/2013 World Business Report


18/09/2013

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police. Thousands of migrants —— migrants make it.

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police. Thousands of migrants —— migrants make it. If

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police. Thousands of migrants —— migrants make it. If global

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migrants make it. If global

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migrants make it. If global investors fear that the

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migrants make it. If global investors fear that the flow of

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investors fear that the flow of cheap

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investors fear that the flow of cheap money

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investors fear that the flow of cheap money could

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cheap money could come to an end as America's central bank holds

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cheap money could come to an end as America's central bank holds its

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America's central bank holds its crucial

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America's central bank holds its crucial meeting. And we take

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America's central bank holds its crucial meeting. And we take a look

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crucial meeting. And we take a look

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crucial meeting. And we take a look at how they are driving

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at how they are driving young engineering jobs in Germany. Welcome

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to world is this report. In a engineering jobs in Germany. Welcome

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to world is this report. In a moment, heading to Berlin

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to world is this report. In a moment, heading to Berlin to

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to world is this report. In a moment, heading to Berlin to see

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to world is this report. In a one factory is giving

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moment, heading to Berlin to see how one factory is giving

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moment, heading to Berlin to see how one factory is giving its then

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moment, heading to Berlin to see how one factory is giving its then turns

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one factory is giving its then turns

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one factory is giving its then turns a leg up. But today's the day the

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central bank is expected to the a leg up. But today's the day the

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Federal reserve has indicated it a leg up. But today's the day the

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Federal reserve has indicated it will bring is $85 billion a month

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will bring is $85 billion a month

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will bring is $85 billion a month stimulus programme to

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will bring is $85 billion a month stimulus programme to an end. It

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stimulus programme to an end. It

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stimulus programme to an end. It says that the financial

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stimulus programme to an end. It says that the financial system

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stimulus programme to an end. It says that the financial system has

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says that the financial system has

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says that the financial system has recovered enough

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says that the financial system has recovered enough to

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says that the financial system has recovered enough to do

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says that the financial system has recovered enough to do without

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says that the financial system has recovered enough to do without these

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recovered enough to do without these

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recovered enough to do without these emergency measures. One of the

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recovered enough to do without these emergency measures. One of the main

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emergency measures. One of the main reasons

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emergency measures. One of the main reasons it

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emergency measures. One of the main reasons it claims

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emergency measures. One of the main reasons it claims this is

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emergency measures. One of the main reasons it claims this is is because

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reasons it claims this is is because

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reasons it claims this is is because the unemployment rate

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reasons it claims this is is because the unemployment rate in the US

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the unemployment rate in the US has the unemployment rate in the US

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the unemployment rate in the US has fallen to its

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the unemployment rate in the US has fallen to its lowest level

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the unemployment rate in the US has fallen to its lowest level in

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the unemployment rate in the US has fallen to its lowest level in five

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fallen to its lowest level in five

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fallen to its lowest level in five years. But for

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fallen to its lowest level in five years. But for the

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fallen to its lowest level in five years. But for the people who have

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years. But for the people who have dropped

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years. But for the people who have dropped out

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years. But for the people who have dropped out of the

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years. But for the people who have dropped out of the labour market

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years. But for the people who have dropped out of the labour market in

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dropped out of the labour market in that

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dropped out of the labour market in that time

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dropped out of the labour market in that time were

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dropped out of the labour market in that time were still

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dropped out of the labour market in that time were still looking for

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that time were still looking for

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that time were still looking for jobs, then

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that time were still looking for jobs, then the

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that time were still looking for jobs, then the rate would

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that time were still looking for jobs, then the rate would actually

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jobs, then the rate would actually

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jobs, then the rate would actually be 10%. The

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jobs, then the rate would actually be 10%. The roughly

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jobs, then the rate would actually be 10%. The roughly 1.8 million

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be 10%. The roughly 1.8 million

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be 10%. The roughly 1.8 million fewer people

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be 10%. The roughly 1.8 million fewer people now looking for jobs

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be 10%. The roughly 1.8 million fewer people now looking for jobs in

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fewer people now looking for jobs in the

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fewer people now looking for jobs in the States than

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fewer people now looking for jobs in the States than they're

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fewer people now looking for jobs in the States than they're worth,

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the States than they're worth,

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the States than they're worth, before the

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the States than they're worth, before the financial crisis.

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the States than they're worth, before the financial crisis. And

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before the financial crisis. And these

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before the financial crisis. And these numbers

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before the financial crisis. And these numbers explain

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before the financial crisis. And these numbers explain why

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before the financial crisis. And decision

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these numbers explain why the decision

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these numbers explain why the decision for the Federal

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these numbers explain why the decision for the Federal reserve

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decision for the Federal reserve today

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decision for the Federal reserve today is

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decision for the Federal reserve today is actually

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decision for the Federal reserve today is actually quite tricky

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decision for the Federal reserve today is actually quite tricky one.

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today is actually quite tricky one. Let's

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today is actually quite tricky one. Let's get more on what

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today is actually quite tricky one. Let's get more on what we

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Let's get more on what we are Let's get more on what we

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Let's get more on what we are expecting. Joined

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expecting. Joined by a senior expecting. Joined

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expecting. Joined by a senior economist at Rabobank. We

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expecting. Joined by a senior economist at Rabobank. We have

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expecting. Joined by a senior economist at Rabobank. We have been

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economist at Rabobank. We have been

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economist at Rabobank. We have been waiting for

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economist at Rabobank. We have been waiting for this

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economist at Rabobank. We have been waiting for this day

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economist at Rabobank. We have been waiting for this day since the

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economist at Rabobank. We have been waiting for this day since the end

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waiting for this day since the end of

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waiting for this day since the end of May.

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waiting for this day since the end of May. Since

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waiting for this day since the end of May. Since May

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waiting for this day since the end of May. Since May the 27th.

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waiting for this day since the end of May. Since May the 27th. It

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waiting for this day since the end of May. Since May the 27th. It is

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of May. Since May the 27th. It is day?

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of May. Since May the 27th. It is day? We

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of May. Since May the 27th. It is day? We have

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of May. Since May the 27th. It is day? We have been

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of May. Since May the 27th. It is day? We have been going through

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of May. Since May the 27th. It is labour

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day? We have been going through the labour

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day? We have been going through the labour market statistics

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day? We have been going through the labour market statistics and

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day? We have been going through the labour market statistics and there

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labour market statistics and there is

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labour market statistics and there is underemployment,

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labour market statistics and there is underemployment, people with

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labour market statistics and there is underemployment, people with jobs

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labour market statistics and there underemployed,

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labour market statistics and there underemployed, in

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is underemployment, people with jobs underemployed, in

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is underemployment, people with jobs underemployed, in part—time jobs

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underemployed, in part—time jobs

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underemployed, in part—time jobs when they

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underemployed, in part—time jobs when they would

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underemployed, in part—time jobs when they would want full—time

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underemployed, in part—time jobs when they would want full—time work

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when they would want full—time work so

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when they would want full—time work so there

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when they would want full—time work so there is still pressure and

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when they would want full—time work so there is still pressure and the

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so there is still pressure and the

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so there is still pressure and the labour market

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so there is still pressure and the labour market has

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so there is still pressure and the labour market has not

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so there is still pressure and the labour market has not recovered

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so there is still pressure and the labour market has not recovered to

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so there is still pressure and the the

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labour market has not recovered to the

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labour market has not recovered to the precrisis situation.

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the precrisis situation. Incomes have been squeezed.

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the precrisis situation. Incomes have been squeezed. And

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the precrisis situation. Incomes have been squeezed. And the

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the precrisis situation. Incomes have been squeezed. And the rate

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the precrisis situation. Incomes have been squeezed. And the rate of

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have been squeezed. And the rate of growth

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have been squeezed. And the rate of growth in

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have been squeezed. And the rate of growth in the US

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have been squeezed. And the rate of growth in the US right now,

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have been squeezed. And the rate of growth in the US right now, there

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growth in the US right now, there

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growth in the US right now, there was growth but it

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growth in the US right now, there was growth but it is

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growth in the US right now, there disappointing

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growth in the US right now, there disappointing than

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growth in the US right now, there disappointing than we

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was growth but it is more disappointing than we

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was growth but it is more anticipated

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anticipated from this point on the economic cycle.

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anticipated from this point on the economic cycle. Can they

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anticipated from this point on the economic cycle. Can they act?

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anticipated from this point on the economic cycle. Can they act? The

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economic cycle. Can they act? The problem is, if they don't, it

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problem is, if they don't, it puts problem is, if they don't, it

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problem is, if they don't, it puts his credibility on the line. The

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his credibility on the line. The chairman of the Federal reserve,

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his credibility on the line. The May

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chairman of the Federal reserve, in May

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chairman of the Federal reserve, in May said

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chairman of the Federal reserve, in May said that

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chairman of the Federal reserve, in May said that that

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chairman of the Federal reserve, in May said that that tapering would

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May said that that tapering would

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May said that that tapering would happen in the next

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May said that that tapering would happen in the next few

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May said that that tapering would happen in the next few meetings.

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May said that that tapering would happen in the next few meetings. In

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happen in the next few meetings. In

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happen in the next few meetings. In the next few meetings, are they

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the next few meetings, are they going

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the next few meetings, are they going to taper,

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the next few meetings, are they going to taper, people are

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the next few meetings, are they going to taper, people are going

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the next few meetings, are they going to taper, people are going to

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going to taper, people are going to

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going to taper, people are going to say, well,

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going to taper, people are going to say, well, they said they would,

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going to taper, people are going to they

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say, well, they said they would, if they

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say, well, they said they would, if they don't do it, that

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say, well, they said they would, if they don't do it, that goes

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say, well, they said they would, if they don't do it, that goes against

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they don't do it, that goes against their credibility. They

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they don't do it, that goes against their credibility. They are only

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their credibility. They are only

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their credibility. They are only going to dip

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going to dip their toe in and reduce the amount

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going to dip their toe in and reduce the amount of

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going to dip their toe in and reduce the amount of asset

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going to dip their toe in and reduce the amount of asset purchases

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the amount of asset purchases by a small amount. What impact will that

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small amount. What impact will that have?

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small amount. What impact will that have? Just the idea

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small amount. What impact will that have? Just the idea of

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small amount. What impact will that have? Just the idea of tapering

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small amount. What impact will that caused

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have? Just the idea of tapering has caused

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have? Just the idea of tapering has caused a huge ruckus in emerging

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caused a huge ruckus in emerging markets.

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markets. Emerging markets are markets.

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markets. Emerging markets are considered a

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markets. Emerging markets are considered a risky asset, but

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considered a risky asset, but

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considered a risky asset, but emerging market

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considered a risky asset, but emerging market equities much more

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emerging market equities much more so,

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emerging market equities much more so, and over

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emerging market equities much more so, and over the

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emerging market equities much more so, and over the summer

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emerging market equities much more so, and over the summer these have

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so, and over the summer these have seen

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so, and over the summer these have seen huge

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so, and over the summer these have seen huge amount

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so, and over the summer these have seen huge amount of

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so, and over the summer these have seen huge amount of summer ——

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seen huge amount of summer ——

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seen huge amount of summer —— capital coming back out

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seen huge amount of summer —— capital coming back out of

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seen huge amount of summer —— capital coming back out of these

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capital coming back out of these economies.

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capital coming back out of these economies. Again,

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capital coming back out of these economies. Again, if the Federal

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economies. Again, if the Federal

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economies. Again, if the Federal reserve gives

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economies. Again, if the Federal reserve gives a big shock to the

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reserve gives a big shock to the markets

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reserve gives a big shock to the markets today those emerging markets

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markets today those emerging markets are

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markets today those emerging markets are vulnerable,

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markets today those emerging markets are vulnerable, but

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markets today those emerging markets are vulnerable, but what might

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are vulnerable, but what might

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are vulnerable, but what might happen is that they will

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are vulnerable, but what might happen is that they will dip

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are vulnerable, but what might happen is that they will dip their

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happen is that they will dip their

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happen is that they will dip their toe in and

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happen is that they will dip their toe in and pulled

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happen is that they will dip their toe in and pulled back

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happen is that they will dip their toe in and pulled back a little

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happen is that they will dip their with

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happen is that they will dip their with the

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toe in and pulled back a little bit with the

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toe in and pulled back a little bit with the asset purchases

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toe in and pulled back a little bit with the asset purchases and

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toe in and pulled back a little bit with the asset purchases and Mike

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with the asset purchases and Mike start

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with the asset purchases and Mike start with

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with the asset purchases and Mike start with lots

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with the asset purchases and Mike start with lots of

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with the asset purchases and Mike start with lots of language

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with the asset purchases and Mike start with lots of language that

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start with lots of language that will

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start with lots of language that will reassure us and it

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start with lots of language that will reassure us and it is

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start with lots of language that will reassure us and it is quite

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will reassure us and it is quite exciting.

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will reassure us and it is quite exciting. What

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will reassure us and it is quite exciting. What impact will

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will reassure us and it is quite exciting. What impact will it

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will reassure us and it is quite exciting. What impact will it have

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exciting. What impact will it have on

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exciting. What impact will it have on the

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exciting. What impact will it have on the US economy? That is

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exciting. What impact will it have on the US economy? That is quite

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exciting. What impact will it have on the US economy? That is quite to

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on the US economy? That is quite to

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on the US economy? That is quite to discuss in Europe. So many

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on the US economy? That is quite to discuss in Europe. So many states

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discuss in Europe. So many states

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discuss in Europe. So many states within, in

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discuss in Europe. So many states within, in very different economic

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within, in very different economic situations,

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within, in very different economic situations, it

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within, in very different economic situations, it is hard

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within, in very different economic situations, it is hard to gauge

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within, in very different economic situations, it is hard to gauge who

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within, in very different economic will

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situations, it is hard to gauge who will

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situations, it is hard to gauge who will win and who

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situations, it is hard to gauge who will win and who will

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situations, it is hard to gauge who will win and who will lose.

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situations, it is hard to gauge who will win and who will lose. The

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will win and who will lose. The one will win and who will lose. The

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will win and who will lose. The one effect we have had

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will win and who will lose. The one effect we have had already

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will win and who will lose. The one effect we have had already just

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effect we have had already just on effect we have had already just

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effect we have had already just on the anticipation

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effect we have had already just on the anticipation of this

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effect we have had already just on the anticipation of this is that

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the anticipation of this is that bond

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the anticipation of this is that bond yields have

0:04:330:04:33

the anticipation of this is that bond yields have gone

0:04:330:04:33

the anticipation of this is that bond yields have gone high.

0:04:330:04:35

the anticipation of this is that bond yields have gone high. Often

0:04:350:04:35

the anticipation of this is that bond yields have gone high. Often in

0:04:350:04:36

bond yields have gone high. Often in

0:04:360:04:38

bond yields have gone high. Often in the US, mortgages are attached

0:04:380:04:38

bond yields have gone high. Often in the US, mortgages are attached to

0:04:380:04:38

the US, mortgages are attached to

0:04:380:04:39

the US, mortgages are attached to this. The anticipation

0:04:390:04:42

this. The anticipation that this has happened has caused

0:04:420:04:43

this. The anticipation that this has happened has caused mortgage rates

0:04:430:04:43

happened has caused mortgage rates

0:04:430:04:43

happened has caused mortgage rates to go

0:04:430:04:43

happened has caused mortgage rates to go higher.

0:04:430:04:46

happened has caused mortgage rates to go higher. Just by

0:04:460:04:46

happened has caused mortgage rates to go higher. Just by talking about

0:04:460:04:46

to go higher. Just by talking about it

0:04:460:04:47

to go higher. Just by talking about it you

0:04:470:04:47

to go higher. Just by talking about it you could say

0:04:470:04:47

to go higher. Just by talking about it you could say there has

0:04:470:04:48

to go higher. Just by talking about it you could say there has been

0:04:480:04:48

to go higher. Just by talking about it you could say there has been some

0:04:480:04:48

to go higher. Just by talking about impact

0:04:480:04:48

to go higher. Just by talking about impact on

0:04:480:04:48

to go higher. Just by talking about impact on the

0:04:480:04:49

it you could say there has been some impact on the

0:04:490:04:49

it you could say there has been some impact on the economy already.

0:04:490:04:53

it you could say there has been some impact on the economy already. The

0:04:530:04:53

impact on the economy already. The

0:04:530:04:53

impact on the economy already. The other chapters

0:04:530:05:03

other chapters about who's going to place —— replace Ben Bernanke. If

0:05:030:05:05

place —— replace Ben Bernanke. If this

0:05:050:05:07

this bit of tapering that we see this

0:05:070:05:07

this bit of tapering that we see today causes a

0:05:070:05:09

this bit of tapering that we see today causes a big shock or repose,

0:05:090:05:09

today causes a big shock or repose, she

0:05:090:05:11

today causes a big shock or repose, gets

0:05:110:05:11

today causes a big shock or repose, gets the

0:05:110:05:11

today causes a big shock or repose, gets the job.

0:05:110:05:13

she can maybe counter that when she gets the job.

0:05:130:05:23

gets the job. —— shock or rebels. —— gets the job.

0:05:230:05:27

ripples. It is assumed that his gets the job.

0:05:270:05:28

ripples. It is assumed that his successor is in favour of a softer

0:05:280:05:28

successor is in favour of a softer policy.

0:05:280:05:33

successor is in favour of a softer policy. Here on

0:05:330:05:33

successor is in favour of a softer policy. Here on the BBC will keep

0:05:330:05:34

policy. Here on the BBC will keep you

0:05:340:05:34

policy. Here on the BBC will keep you up—to—date as

0:05:340:05:34

policy. Here on the BBC will keep you up—to—date as the

0:05:340:05:35

policy. Here on the BBC will keep you up—to—date as the day

0:05:350:05:35

policy. Here on the BBC will keep progresses.

0:05:350:05:38

you up—to—date as the day progresses.

0:05:380:05:39

you up—to—date as the day progresses. That press conference

0:05:390:05:39

you up—to—date as the day progresses. That press conference is

0:05:390:05:40

progresses. That press conference is later

0:05:400:05:40

progresses. That press conference is later and we will

0:05:400:05:41

progresses. That press conference is later and we will be right across

0:05:410:05:41

later and we will be right across it.

0:05:410:05:42

later and we will be right across it. The election

0:05:420:05:43

later and we will be right across it. The election is

0:05:430:05:43

later and we will be right across it. The election is looming

0:05:430:05:43

later and we will be right across it. The election is looming in

0:05:430:05:43

it. The election is looming in Germany.

0:05:430:05:46

it. The election is looming in Germany. This

0:05:460:05:47

it. The election is looming in Germany. This is the next

0:05:470:05:47

it. The election is looming in Germany. This is the next of

0:05:470:05:47

it. The election is looming in Germany. This is the next of our

0:05:470:05:48

Germany. This is the next of our special

0:05:480:05:48

Germany. This is the next of our special series on

0:05:480:05:48

Germany. This is the next of our special series on the powerhouse

0:05:480:05:49

Germany. This is the next of our special series on the powerhouse of

0:05:490:05:49

special series on the powerhouse of

0:05:490:05:51

special series on the powerhouse of Europe. We look

0:05:510:05:51

special series on the powerhouse of Europe. We look at how

0:05:510:05:52

special series on the powerhouse of Europe. We look at how they are

0:05:520:05:52

Europe. We look at how they are managing

0:05:520:05:52

Europe. We look at how they are managing to

0:05:520:05:52

Europe. We look at how they are managing to close

0:05:520:05:53

Europe. We look at how they are managing to close the skills gap.

0:05:530:05:53

Europe. We look at how they are managing to close the skills gap. In

0:05:530:05:54

managing to close the skills gap. In

0:05:540:05:54

managing to close the skills gap. In Germany you

0:05:540:05:54

managing to close the skills gap. In Germany you do

0:05:540:05:54

managing to close the skills gap. In Germany you do not have

0:05:540:05:57

managing to close the skills gap. In Germany you do not have to go

0:05:570:05:57

managing to close the skills gap. In Germany you do not have to go to

0:05:570:05:57

Germany you do not have to go to university

0:05:570:05:57

Germany you do not have to go to university to

0:05:570:05:58

Germany you do not have to go to university to work

0:05:580:05:58

Germany you do not have to go to university to work at

0:05:580:05:58

Germany you do not have to go to university to work at the country's

0:05:580:05:59

university to work at the country's

0:05:590:05:59

university to work at the country's biggest companies.

0:05:590:06:02

university to work at the country's biggest companies. People get

0:06:020:06:02

biggest companies. People get

0:06:020:06:02

biggest companies. People get particle and

0:06:020:06:03

biggest companies. People get particle and workplace skills before

0:06:030:06:03

particle and workplace skills before

0:06:030:06:05

particle and workplace skills before they start their

0:06:050:06:05

particle and workplace skills before they start their first

0:06:050:06:06

particle and workplace skills before they start their first job,

0:06:060:06:06

particle and workplace skills before they start their first job, so

0:06:060:06:06

particle and workplace skills before they start their first job, so at

0:06:060:06:06

they start their first job, so at the

0:06:060:06:06

they start their first job, so at the manufacturing

0:06:060:06:07

they start their first job, so at the manufacturing giant,

0:06:070:06:07

they start their first job, so at the manufacturing giant, Siemens,

0:06:070:06:09

the manufacturing giant, Siemens,

0:06:090:06:12

the manufacturing giant, Siemens, they come and let young

0:06:120:06:12

the manufacturing giant, Siemens, they come and let young people

0:06:120:06:12

the manufacturing giant, Siemens, they come and let young people earn

0:06:120:06:12

they come and let young people earn

0:06:120:06:13

they come and let young people earn as they learn.

0:06:130:06:18

they come and let young people earn as they learn. Honing technical

0:06:180:06:18

as they learn. Honing technical

0:06:180:06:21

as they learn. Honing technical skills in the workshop

0:06:210:06:21

as they learn. Honing technical skills in the workshop at the

0:06:210:06:22

as they learn. Honing technical manufacturing

0:06:220:06:22

skills in the workshop at the manufacturing

0:06:220:06:23

skills in the workshop at the manufacturing giant, Siemens. These

0:06:230:06:24

manufacturing giant, Siemens. These

0:06:240:06:24

manufacturing giant, Siemens. These young apprentices

0:06:240:06:25

manufacturing giant, Siemens. These young apprentices come from

0:06:250:06:25

manufacturing giant, Siemens. These young apprentices come from all

0:06:250:06:25

manufacturing giant, Siemens. These young apprentices come from all over

0:06:250:06:25

young apprentices come from all over

0:06:250:06:26

young apprentices come from all over Europe for a three—year

0:06:260:06:26

young apprentices come from all over Europe for a three—year programme

0:06:260:06:26

Europe for a three—year programme that

0:06:260:06:27

Europe for a three—year programme that gives them a

0:06:270:06:29

Europe for a three—year programme that gives them a wage

0:06:290:06:29

Europe for a three—year programme that gives them a wage whilst

0:06:290:06:29

Europe for a three—year programme that gives them a wage whilst they

0:06:290:06:30

that gives them a wage whilst they learn

0:06:300:06:30

that gives them a wage whilst they learn the

0:06:300:06:30

that gives them a wage whilst they learn the art

0:06:300:06:30

that gives them a wage whilst they learn the art of

0:06:300:06:31

that gives them a wage whilst they learn the art of German engineering.

0:06:310:06:35

learn the art of German engineering.

0:06:350:06:35

learn the art of German engineering. Everybody knows what it

0:06:350:06:36

learn the art of German engineering. Everybody knows what it means in

0:06:360:06:36

Everybody knows what it means in Germany

0:06:360:06:37

Everybody knows what it means in Germany and this

0:06:370:06:37

Everybody knows what it means in Germany and this is

0:06:370:06:37

Everybody knows what it means in Germany and this is a

0:06:370:06:38

Everybody knows what it means in example

0:06:380:06:38

Everybody knows what it means in example of

0:06:380:06:38

Everybody knows what it means in example of how

0:06:380:06:38

Everybody knows what it means in example of how they

0:06:380:06:38

Everybody knows what it means in example of how they do

0:06:380:06:39

Everybody knows what it means in example of how they do it

0:06:390:06:39

Everybody knows what it means in example of how they do it and

0:06:390:06:39

Germany and this is a perfect example of how they do it and I

0:06:390:06:39

example of how they do it and I

0:06:390:06:39

example of how they do it and I think it

0:06:390:06:40

example of how they do it and I think it is

0:06:400:06:40

example of how they do it and I think it is an

0:06:400:06:40

example of how they do it and I think it is an excellent chance

0:06:400:06:40

example of how they do it and I think it is an excellent chance for

0:06:400:06:41

example of how they do it and I everybody

0:06:410:06:41

think it is an excellent chance for everybody

0:06:410:06:43

think it is an excellent chance for everybody here. Having come

0:06:430:06:43

think it is an excellent chance for everybody here. Having come here

0:06:430:06:44

think it is an excellent chance for everybody here. Having come here and

0:06:440:06:44

everybody here. Having come here and

0:06:440:06:46

everybody here. Having come here and experienced it the

0:06:460:06:46

everybody here. Having come here and experienced it the are much more

0:06:460:06:47

experienced it the are much more

0:06:470:06:47

experienced it the are much more precise and

0:06:470:06:48

experienced it the are much more precise and go into detail a lot

0:06:480:06:48

precise and go into detail a lot more

0:06:480:06:49

precise and go into detail a lot more and it helps

0:06:490:06:49

precise and go into detail a lot more and it helps you understand

0:06:490:06:51

precise and go into detail a lot more and it helps you understand why

0:06:510:06:51

more and it helps you understand why all

0:06:510:06:51

more and it helps you understand why all the

0:06:510:06:52

more and it helps you understand why all the best things that

0:06:520:06:52

more and it helps you understand why all the best things that are

0:06:520:06:52

more and it helps you understand why all the best things that are created

0:06:520:06:52

all the best things that are created

0:06:520:06:53

all the best things that are created come from

0:06:530:06:53

all the best things that are created come from you because they

0:06:530:06:55

come from you because they go in depth so much, and

0:06:550:06:55

come from you because they go in depth so much, and you do

0:06:550:06:56

come from you because they go in depth so much, and you do not

0:06:560:06:56

come from you because they go in depth so much, and you do not need

0:06:560:06:56

depth so much, and you do not need anything

0:06:560:06:58

depth so much, and you do not need anything else. I

0:06:580:06:58

depth so much, and you do not need anything else. I come

0:06:580:06:59

depth so much, and you do not need anything else. I come from Spain

0:06:590:07:00

depth so much, and you do not need anything else. I come from Spain and

0:07:000:07:00

anything else. I come from Spain and

0:07:000:07:01

anything else. I come from Spain and in Spain

0:07:010:07:04

in Spain we have the opportunity to study at

0:07:040:07:04

in Spain we have the opportunity to study at the

0:07:040:07:05

in Spain we have the opportunity to study at the same

0:07:050:07:05

in Spain we have the opportunity to study at the same time.

0:07:050:07:07

in Spain we have the opportunity to study at the same time. It

0:07:070:07:08

study at the same time. It is an study at the same time. It

0:07:080:07:09

study at the same time. It is an approach shared by many other German

0:07:090:07:11

approach shared by many other German companies, and it has been described

0:07:110:07:11

companies, and it has been described

0:07:110:07:12

companies, and it has been described as a key

0:07:120:07:13

companies, and it has been described as a key plank of the country's

0:07:130:07:13

as a key plank of the country's

0:07:130:07:15

as a key plank of the country's economic success. Learning to speak

0:07:150:07:16

economic success. Learning to speak fluent

0:07:160:07:17

economic success. Learning to speak fluent German

0:07:170:07:18

economic success. Learning to speak fluent German is part of the deal.

0:07:180:07:19

fluent German is part of the deal. The

0:07:190:07:19

fluent German is part of the deal. The course

0:07:190:07:20

fluent German is part of the deal. The course is tough and practical.

0:07:200:07:22

The course is tough and practical. On

0:07:220:07:22

The course is tough and practical. On the

0:07:220:07:22

The course is tough and practical. On the one

0:07:220:07:22

The course is tough and practical. On the one hand

0:07:220:07:22

The course is tough and practical. On the one hand they

0:07:220:07:23

The course is tough and practical. On the one hand they have their

0:07:230:07:23

On the one hand they have their degree

0:07:230:07:23

On the one hand they have their degree at

0:07:230:07:23

On the one hand they have their degree at the

0:07:230:07:24

On the one hand they have their degree at the end.

0:07:240:07:25

On the one hand they have their degree at the end. And

0:07:250:07:26

On the one hand they have their degree at the end. And they have

0:07:260:07:26

degree at the end. And they have on—the—job

0:07:260:07:28

degree at the end. And they have on—the—job experience.

0:07:280:07:46

help older workers and knowledge is on—the—job experience.

0:07:460:07:46

help older workers and knowledge is limited to

0:07:460:07:47

help older workers and knowledge is limited to the

0:07:470:07:47

help older workers and knowledge is limited to the activities of the

0:07:470:07:47

limited to the activities of the company.

0:07:470:07:48

limited to the activities of the company. The Brandenburg

0:07:480:07:49

limited to the activities of the company. The Brandenburg gate

0:07:490:07:49

limited to the activities of the company. The Brandenburg gate is

0:07:490:07:49

limited to the activities of the company. The Brandenburg gate is a

0:07:490:07:51

company. The Brandenburg gate is a relic

0:07:510:07:51

company. The Brandenburg gate is a relic of

0:07:510:07:51

company. The Brandenburg gate is a relic of the

0:07:510:07:52

company. The Brandenburg gate is a relic of the partition

0:07:520:07:52

company. The Brandenburg gate is a relic of the partition between

0:07:520:07:52

company. The Brandenburg gate is a relic of the partition between East

0:07:520:07:52

relic of the partition between East and

0:07:520:07:55

relic of the partition between East and West. When that partition was

0:07:550:07:55

and West. When that partition was

0:07:550:07:55

and West. When that partition was taken down,

0:07:550:07:57

and West. When that partition was taken down, there was a

0:07:570:07:58

and West. When that partition was taken down, there was a desire

0:07:580:07:58

taken down, there was a desire within

0:07:580:07:58

taken down, there was a desire within German

0:07:580:07:59

taken down, there was a desire within German Society of to

0:07:590:08:00

taken down, there was a desire within German Society of to remove

0:08:000:08:00

within German Society of to remove other

0:08:000:08:01

within German Society of to remove other divisions, so

0:08:010:08:01

within German Society of to remove other divisions, so now,

0:08:010:08:02

within German Society of to remove other divisions, so now, the

0:08:020:08:03

within German Society of to remove other divisions, so now, the belief

0:08:030:08:04

other divisions, so now, the belief is

0:08:040:08:04

other divisions, so now, the belief is not just

0:08:040:08:06

other divisions, so now, the belief is not just some but

0:08:060:08:07

other divisions, so now, the belief is not just some but all German

0:08:070:08:07

is not just some but all German workers

0:08:070:08:07

is not just some but all German workers should feel

0:08:070:08:08

is not just some but all German workers should feel they

0:08:080:08:08

is not just some but all German workers should feel they can develop

0:08:080:08:08

workers should feel they can develop

0:08:080:08:09

workers should feel they can develop skills which are valued.

0:08:090:08:11

workers should feel they can develop skills which are valued. In

0:08:110:08:11

workers should feel they can develop Germany's

0:08:110:08:11

skills which are valued. In Germany's

0:08:110:08:11

skills which are valued. In Germany's ageing population

0:08:110:08:11

skills which are valued. In Germany's ageing population it

0:08:110:08:12

skills which are valued. In Germany's ageing population it has

0:08:120:08:12

Germany's ageing population it has helped

0:08:120:08:12

Germany's ageing population it has helped plug the

0:08:120:08:14

Germany's ageing population it has helped plug the skills

0:08:140:08:15

Germany's ageing population it has helped plug the skills gap

0:08:150:08:15

Germany's ageing population it has helped plug the skills gap and

0:08:150:08:15

Germany's ageing population it has helped plug the skills gap and kept

0:08:150:08:15

helped plug the skills gap and kept

0:08:150:08:15

helped plug the skills gap and kept youth unemployment

0:08:150:08:17

helped plug the skills gap and kept youth unemployment low, so

0:08:170:08:18

helped plug the skills gap and kept youth unemployment low, so Germany

0:08:180:08:18

youth unemployment low, so Germany and

0:08:180:08:20

youth unemployment low, so Germany and apprenticeship training

0:08:200:08:20

youth unemployment low, so Germany and apprenticeship training to

0:08:200:08:20

youth unemployment low, so Germany and apprenticeship training to its

0:08:200:08:20

and apprenticeship training to its list

0:08:200:08:21

and apprenticeship training to its list of exports,

0:08:210:08:23

and apprenticeship training to its list of exports, and this product,

0:08:230:08:23

list of exports, and this product, just

0:08:230:08:24

list of exports, and this product, just like many of its

0:08:240:08:24

list of exports, and this product, just like many of its others,

0:08:240:08:25

list of exports, and this product, just like many of its others, has

0:08:250:08:26

just like many of its others, has

0:08:260:08:26

just like many of its others, has proved very

0:08:260:08:26

just like many of its others, has proved very difficult

0:08:260:08:26

just like many of its others, has proved very difficult to copy.

0:08:260:08:31

just like many of its others, has proved very difficult to copy. In

0:08:310:08:31

proved very difficult to copy. In other

0:08:310:08:31

proved very difficult to copy. In other business news,

0:08:310:08:34

proved very difficult to copy. In other business news, the Boeing

0:08:340:08:35

other business news, the Boeing

0:08:350:08:35

other business news, the Boeing Dreamliner has

0:08:350:08:35

other business news, the Boeing Dreamliner has completed its

0:08:350:08:35

other business news, the Boeing Dreamliner has completed its first

0:08:350:08:36

Dreamliner has completed its first

0:08:360:08:39

Dreamliner has completed its first right. The

0:08:390:08:39

Dreamliner has completed its first right. The 7879

0:08:390:08:41

Dreamliner has completed its first right. The 7879 can carry

0:08:410:08:41

Dreamliner has completed its first right. The 7879 can carry 48 more

0:08:410:08:41

right. The 7879 can carry 48 more passengers

0:08:410:08:42

right. The 7879 can carry 48 more passengers and flight

0:08:420:08:42

right. The 7879 can carry 48 more passengers and flight longer

0:08:420:08:42

right. The 7879 can carry 48 more distances

0:08:420:08:42

passengers and flight longer distances

0:08:420:08:43

passengers and flight longer distances than the

0:08:430:08:43

passengers and flight longer distances than the current

0:08:430:08:43

passengers and flight longer distances than the current model.

0:08:430:08:44

distances than the current model.

0:08:440:08:44

distances than the current model. Investors hope

0:08:440:08:45

distances than the current model. Investors hope that this will

0:08:450:08:45

distances than the current model. Investors hope that this will not

0:08:450:08:45

distances than the current model. Investors hope that this will not be

0:08:450:08:46

Investors hope that this will not be plagued

0:08:460:08:47

Investors hope that this will not be plagued with

0:08:470:08:47

Investors hope that this will not be plagued with three

0:08:470:08:47

Investors hope that this will not be plagued with three problems like

0:08:470:08:48

Investors hope that this will not be plagued with three problems like its

0:08:480:08:48

plagued with three problems like its

0:08:480:08:48

plagued with three problems like its predecessor. Boeing

0:08:480:08:50

plagued with three problems like its predecessor. Boeing shares

0:08:500:08:50

plagued with three problems like its predecessor. Boeing shares closed

0:08:500:08:50

plagued with three problems like its predecessor. Boeing shares closed at

0:08:500:08:50

predecessor. Boeing shares closed at a

0:08:500:08:51

predecessor. Boeing shares closed at a record

0:08:510:08:51

predecessor. Boeing shares closed at a record high.

0:08:510:08:55

predecessor. Boeing shares closed at a record high. Hackers had exploited

0:08:550:08:55

a record high. Hackers had exploited

0:08:550:08:55

a record high. Hackers had exploited a security

0:08:550:08:56

a record high. Hackers had exploited a security flaw

0:08:560:08:57

a record high. Hackers had exploited a security flaw in the

0:08:570:08:57

a record high. Hackers had exploited a security flaw in the popular

0:08:570:08:57

a record high. Hackers had exploited a security flaw in the popular web

0:08:570:08:59

a security flaw in the popular web browser,

0:08:590:08:59

a security flaw in the popular web browser, Internet Explorer.

0:08:590:09:00

a security flaw in the popular web browser, Internet Explorer. It

0:09:000:09:01

a security flaw in the popular web browser, Internet Explorer. It left

0:09:010:09:01

browser, Internet Explorer. It left users

0:09:010:09:02

browser, Internet Explorer. It left users vulnerable to

0:09:020:09:02

browser, Internet Explorer. It left users vulnerable to attack.

0:09:020:09:03

users vulnerable to attack.

0:09:030:09:05

users vulnerable to attack. Microsoft said that a

0:09:050:09:06

users vulnerable to attack. Microsoft said that a fixed the

0:09:060:09:09

software was an emergency measure to Microsoft said that a fixed the

0:09:090:09:11

software was an emergency measure to protect customers. JP

0:09:110:09:12

software was an emergency measure to protect customers. JP Morgan

0:09:120:09:13

software was an emergency measure to protect customers. JP Morgan Chase

0:09:130:09:13

protect customers. JP Morgan Chase has

0:09:130:09:14

protect customers. JP Morgan Chase has spent $1 billion tackling its

0:09:140:09:14

has spent $1 billion tackling its

0:09:140:09:15

has spent $1 billion tackling its regulatory issues following

0:09:150:09:15

has spent $1 billion tackling its regulatory issues following the

0:09:150:09:19

has spent $1 billion tackling its last year. A

0:09:190:09:19

has spent $1 billion tackling its last year. A rogue

0:09:190:09:21

trading scandal that rocked the bank last year. A rogue trader known

0:09:210:09:23

trading scandal that rocked the bank the London whale used complex

0:09:230:09:25

trading scandal that rocked the bank derivatives to hide trading losses

0:09:250:09:25

derivatives to hide trading losses that

0:09:250:09:29

that eventually exceeded $6 billion. The

0:09:290:09:33

that eventually exceeded $6 billion. imagine are engrossed in what

0:09:330:09:33

that eventually exceeded $6 billion. imagine are engrossed in what will

0:09:330:09:33

imagine are engrossed in what will happen

0:09:330:09:35

imagine are engrossed in what will happen later in Washington at the US

0:09:350:09:35

happen later in Washington at the US

0:09:350:09:35

happen later in Washington at the US central bank.

0:09:350:09:39

happen later in Washington at the US mixed picture. Japan

0:09:390:09:39

central bank. We have got quite a mixed picture. Japan

0:09:390:09:45

central bank. We have got quite a All the other major Asian markets or

0:09:450:09:45

All the other major Asian markets or lower.

0:09:450:09:49

All the other major Asian markets or lower. It will be

0:09:490:09:49

All the other major Asian markets or lower. It will be interesting

0:09:490:09:49

All the other major Asian markets or lower. It will be interesting to

0:09:490:09:49

All the other major Asian markets or lower. It will be interesting to see

0:09:490:09:53

All the other major Asian markets or so—called tapering. We

0:09:530:09:58

so—called tapering. We will look through the papers next.

0:09:580:09:59

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